Secured Loans - Charge You Less
Debt Consolidation
Home improvements
Medical bills
Educational expenses
Holidays and vacations
Buying assets like land, car etc.
What is equity?
In case of secured loans, the greater equity you have in your home, greater is the amount you can procure. To define, equity is the difference between the market value of the borrower's home and the claims held against it. These claims may include mortgages and other debts running against the home. In simple words, Equity is equal to the funds you have invested in the home in order to own or improve it minus the debts/mortgages running against the home. Procuring a secured loan may seem a risky offer because of the involvement of the home, but the benefits of secured personal loans are far greater than the magnitude of the risk involved in the loan deal.
Interest rate type
Secured personal loans give freedom to the borrower in deciding the type of interest rate that he likes. Secured loans can be taken on any of the following rates of interest. Fixed Rate - The rate of interest remains the same for a certain period. So, the monthly instalments are fixed, irrespective of the changes in the base rate decided by the Bank of England.
Flexible Rate - The rate changes as per the changes in the base rate. This is also referred to as variable rate of interest.
Capped Rate - In this case, the lender decides a particular rate. If the base rate decreases, the borrower will pay less accordingly but if the base rate increases, the borrower won't be liable to pay more.
So, secured loans come with an array of advantages
Related Tags: secured loans, car loans, secured holiday loans, online business loans, secured business loans uk
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting loans-park, as a finance specialist. For more information about secured loans please visit http://www.loans-park.co.uk
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